S&B attorney Eric Schiffer successfully petitioned to the California Supreme Court to have the published appellate decision of Black Sky Capital, LLC v. Cobb (from the Fourth Appellate District, Division Two) reviewed. A unanimous Supreme Court voted to accept the case for review in order to resolve the following issue: Does Code of Civil Procedure section 580d permit a creditor that holds both a senior lien and a junior lien on the same parcel of real property arising from separate loans to seek a money judgment on the junior lien after the creditor foreclosed on the senior lien and purchased the property at a nonjudicial foreclosure sale? Audio from the oral argument at the court of appeal can be heard here. The published appellate decision which is being reviewed can be seen here.
“We are thrilled that the California Supreme Court accepted review of this case as we believe the court of appeal’s decision left a conflict in the appellate districts on this common issue of lending law,” noted attorney Eric Schiffer. Clarity on this issue will be benefit lenders, borrowers, as well as litigants in our state.